The average price of renting a property in Spain rose by 1.5% during the second quarter of this year, according to a study carried out by Fotocasa and the IESE Business School.

This is the first time that the cost to rent a home has gone up in the last 12 quarters, or 3 years. The last time rental prices rose was in 2011 when they went up by 1.3%.

In fact, rentals have not increased by such a large percentage since the second quarter of 2007, when they went up by 2.8% in that quarter.

The average cost of renting now stands at 6,88 euro/sq m a month after it rose 1.5% between March and June this year.

In actual fact, property rentals rose in 12 out of Spain’s 17 autonomous regions. The biggest increases were registered in the Basque Country, the Balearics and Cataluña, which all saw rentals go up by 2.4%.

Nevertheless, the cost of renting out a property did fall in 5 regions, with the biggest drops in Castilla-La Mancha (-1.9%), Asturias (-1.5%), Murcia (-0.6%), the Valencia Region (-0.5%) and Cantabria (-0.2%).

It is most expensive to rent property in the Basque Country, where the average cost is 9,66 euro/sq m a month. This is followed by Madrid (9,10 euro/sq m a month) and Cataluña (8,52 euro/sq m a month).

At the bottom end of the list, the cheapest rentals are found in Extremadura (4,46 euro/sq m a month), Castilla-La Mancha (4,71 euro/sq m a month) and Murcia (4,92 euro/sq m a month).

Out of the 234 municipalities that formed part of the study, 44% (103) of them saw their rental prices rise during the second quarter of this year. In 1% (2) of them prices stayed the same and 55% (128) registered drops in the cost of renting a property.

Ibiza is the most expensive municipality in Spain to rent a property, with an average price of 13,90 euro/sq m a month. Ibiza has taken the top spot from San Sebastián, which now sits in second place.

The most affordable municipality in which to rent a property continues to be Fuensalida, Toledo, where the average rental cost is 3,25 euro/sq m a month.